Readme
This folder contains the programs (do files) used to conduct the analysis that is reported in the main tables and figures of the paper.
The names of the programs are self-explanatory and directly related to the different figures and tables. For instance Figure_1.do creates Figure 1 reported in the paper. Some programs create figures and tables or fractions of tables. These are also described in the name of the program.
The codes were programmed in Stata 9.0 and later versions. They should run without problems in Stata 11. Some ado files used in the programs can be downloaded freely using the Stata search and install facilities.
The folder also includes the ancillary databases used to run the code. These databases are made available in Stata .dta format, as well as comma separated text files for all main databases and for generated databases that are directly used by the programs that generate the results reported in the paper.
Stata programs (.do files) can be open and edited with standard text editors. 
The definitions of the variables included in each database are the following:
Distribution_dates_news_1996.dta
date            Date in string format
news            Number of news (source Factiva/Newsplus)
Date            Numeric date in stata format
==================================================================
Distribution_dates_news_1999.dta
Same format as above
==================================================================
Distribution_dates_news_2005.dta
Same format as above
Employment_parents.dta
yearemp        accounting year with minor adjustment for the firm
ticker          Ticker code of a parent company
employment      Company's total employment (Bloomberg/Worldscope)
Employment_per_year_parents_imputed.dta
eventyear       Just the year where employment is observed. Name is for future merging
employment      Total employment of the company in year eventyear (Bloomberg/Worldscope)
ticker          Ticker code of a parent company
==================================================================
Subsidiaries_employment_adjusted_holdings.dta
date       
ticker     Ticker code of a parent company
total_employ_adjh Total labor force over subsidiaries at each point in time. Adjusted for holdings. (Source WoW, Major Companies SS, WID, Surveys) 
==================================================================
Subsidiaries_employment_nohipc.dta
date            
ticker          Ticker code of a parent company
nohipc_subs     Total nohipc subsidiaries at each point in time (Source WoW, Major Companies SS, WID, Surveys) 
nohipc_employ   Total labor force over nohipc subsidiaries at each point in time (Source WoW, Major Companies SS, WID, Surveys) 
==================================================================
event.tmp.dta

Data source for all variables Country Report Documents of the HIPC initiative (Available at http://www.imf.org/external/np/hipc/index.asp)

DateNumeric date id of date variabledsa_benDummy for date of initial DSA implemented for Benin under HIPCdsa_mozDummy for date of initial DSA implemented for Mozambique under HIPCpre_bfaDummy for date of a preliminary document issued for Burkina Faso under HIPCpre_civDummy for date of a preliminary document issued for Cote D'Ivoire under HIPCpre_ethDummy for date of a preliminary document issued for Ethiopia under HIPCpre_mozDummy for date of a preliminary document issued for Mozambique under HIPCpre_ugaDummy for date of a preliminary document issued for Uganda under HIPCexec_bfaDummy for date of an executive meeting held for Burkina Faso under HIPCexec_civDummy for date of an executive meeting held for Cote D'Ivoire under HIPCexec_ethDummy for date of an executive meeting held for Ethiopia under HIPCexec_mliDummy for date of an executive meeting held for Mali under HIPCexec_mozDummy for date of an executive meeting held for Mozambique under HIPCexec_ugaDummy for date of an executive meeting held for Uganda under HIPCdec_bfaDummy for date of a decision point achieved by Burkina Faso under HIPCdec_civDummy for date of a decision point achieved by Cote D'Ivoire under HIPdec_mliDummy for date of a decision point achieved by Mali under HIPCdec_mozDummy for date of a decision point achieved by Mozambique under HIPdec_ugaDummy for date of a decision point achieved by Uganda under HIPCcomp_bfaDummy for date of a completion point achieved by Burkina Faso under HIPCcomp_mliDummy for date of a completion point achieved by Mali under HIPCcomp_mozDummy for date of a completion point achieved by Mozambique under HIPCcomp_ugaDummy for date of a completion point achieved by Uganda under HIPCdsa_e_benDummy for date of initial DSA implemented for Benin under enhanced HIPCdsa_e_ginDummy for date of initial DSA implemented for Guinea under enhanced HIPCdsa_e_kenDummy for date of initial DSA implemented for Kenya under enhanced HIPCdsa_e_mdgDummy for date of initial DSA implemented for Madagascar under enhanced HIPCdsa_e_mwiDummy for date of initial DSA implemented for Malawi under enhanced HIPCdsa_e_senDummy for date of initial DSA implemented for Senegal under enhanced HIPCdsa_e_sleDummy for date of initial DSA implemented for Sierra Leone under enhanced HIPCdsa_e_stpDummy for date of initial DSA implemented for Sao Tome and Principe under enhancdsa_e_tzaDummy for date of initial DSA implemented for Tanzania under enhanced HIPCdsa_e_zmbDummy for date of initial DSA implemented for Zambia under enhanced HIPCpre_e_bfaDummy for date of a preliminary document issued for Burkina Faso under enhancedpre_e_civDummy for date of a preliminary document issued for Cote D'Ivoire under enhancedpre_e_cmrDummy for date of a preliminary document issued for Cameroon under enhanced HIPCpre_e_cogDummy for date of a preliminary document issued for Congo Rep under enhanced HIPpre_e_ethDummy for date of a preliminary document issued for Ethiopia under enhanced HIPCpre_e_ghaDummy for date of a preliminary document issued for Ghana under enhanced HIPCpre_e_ginDummy for date of a preliminary document issued for Guinea under enhanced HIPCpre_e_gmbDummy for date of a preliminary document issued for Gambia under enhanced HIPCpre_e_gnbDummy for date of a preliminary document issued for Guinea-Bissau under enhancedpre_e_mdgDummy for date of a preliminary document issued for Madagascar under enhanced HIpre_e_mrtDummy for date of a preliminary document issued for Mauritania under enhanced HIpre_e_mwiDummy for date of a preliminary document issued for Malawi under enhanced HIPCpre_e_nerDummy for date of a preliminary document issued for Niger under enhanced HIPCpre_e_rwaDummy for date of a preliminary document issued for Rwanda under enhanced HIPCpre_e_sleDummy for date of a preliminary document issued for Sierra Leone under enhancedpre_e_stpDummy for date of a preliminary document issued for Sao Tome and Principe underpre_e_tcdDummy for date of a preliminary document issued for Chad under enhanced HIPCpre_e_tzaDummy for date of a preliminary document issued for Tanzania under enhanced HIPCpre_e_ugaDummy for date of a preliminary document issued for Uganda under enhanced HIPCpre_e_zarDummy for date of a preliminary document issued for Congo DR under enhanced HIPCpre_e_zmbDummy for date of a preliminary document issued for Zambia under enhanced HIPCexec_e_bdiDummy for date of an executive meeting held for Burundi under enhanced HIPCexec_e_cmrDummy for date of an executive meeting held for Cameroon under enhanced HIPCexec_e_cogDummy for date of an executive meeting held for Congo Rep under enhanced HIPCexec_e_ethDummy for date of an executive meeting held for Ethiopia under enhanced HIPCexec_e_ghaDummy for date of an executive meeting held for Ghana under enhanced HIPCexec_e_ginDummy for date of an executive meeting held for Guinea under enhanced HIPCexec_e_gmbDummy for date of an executive meeting held for Gambia under enhanced HIPCexec_e_gnbDummy for date of an executive meeting held for Guinea-Bissau under enhanced HIPexec_e_mdgDummy for date of an executive meeting held for Madagascar under enhanced HIPCexec_e_mrtDummy for date of an executive meeting held for Mauritania under enhanced HIPCexec_e_nerDummy for date of an executive meeting held for Niger under enhanced HIPCexec_e_rwaDummy for date of an executive meeting held for Rwanda under enhanced HIPCexec_e_sleDummy for date of an executive meeting held for Sierra Leone under enhanced HIPCexec_e_stpDummy for date of an executive meeting held for Sao Tome and Principe under enhaexec_e_tcdDummy for date of an executive meeting held for Chad under enhanced HIPCexec_e_tzaDummy for date of an executive meeting held for Tanzania under enhanced HIPCexec_e_zarDummy for date of an executive meeting held for Congo DR under enhanced HIPCexec_e_zmbDummy for date of an executive meeting held for Zambia under enhanced HIPCdec_e_bdiDummy for date of a decision point achieved by Burundi under enhanced HIPCdec_e_benDummy for date of a decision point achieved by Benin under enhanced HIPCdec_e_bfaDummy for date of a decision point achieved by Burkina Faso under enhanced HIPCdec_e_cmrDummy for date of a decision point achieved by Cameroon under enhanced HIPCdec_e_cogDummy for date of a decision point achieved by Congo Rep under enhanced HIPCdec_e_ethDummy for date of a decision point achieved by Ethiopia under enhanced HIPCdec_e_ghaDummy for date of a decision point achieved by Ghana under enhanced HIPCdec_e_ginDummy for date of a decision point achieved by Guinea under enhanced HIPCdec_e_gmbDummy for date of a decision point achieved by Gambia under enhanced HIPCdec_e_gnbDummy for date of a decision point achieved by Guinea-Bissau under enhanced HIPCdec_e_mdgDummy for date of a decision point achieved by Madagascar under enhanced HIPCdec_e_mliDummy for date of a decision point achieved by Mali under enhanced HIPCdec_e_mozDummy for date of a decision point achieved by Mozambique under enhanced HIPCdec_e_mrtDummy for date of a decision point achieved by Mauritania under enhanced HIPCdec_e_mwiDummy for date of a decision point achieved by Malawi under enhanced HIPCdec_e_nerDummy for date of a decision point achieved by Niger under enhanced HIPCdec_e_rwaDummy for date of a decision point achieved by Rwanda under enhanced HIPCdec_e_senDummy for date of a decision point achieved by Senegal under enhanced HIPCdec_e_sleDummy for date of a decision point achieved by Sierra Leone under enhanced HIPCdec_e_stpDummy for date of a decision point achieved by Sao Tome and Principe under enhandec_e_tcdDummy for date of a decision point achieved by Chad under enhanced HIPCdec_e_tzaDummy for date of a decision point achieved by Tanzania under enhanced HIPCdec_e_ugaDummy for date of a decision point achieved by Uganda under enhanced HIPCdec_e_zarDummy for date of a decision point achieved by Congo DR under enhanced HIPCdec_e_zmbDummy for date of a decision point achieved by Zambia under enhanced HIPCprorep_e_cogDummy for date of a progress report issued for Congo Rep under enhanced HIPCcomp_e_benDummy for date of a completion point achieved by Benin under enhanced HIPCcomp_e_bfaDummy for date of a completion point achieved by Burkina Faso under enhanced HIPcomp_e_cmrDummy for date of a completion point achieved by Cameroon under enhanced HIPCcomp_e_ethDummy for date of a completion point achieved by Ethiopia under enhanced HIPCcomp_e_ghaDummy for date of a completion point achieved by Ghana under enhanced HIPCcomp_e_mdgDummy for date of a completion point achieved by Madagascar under enhanced HIPCcomp_e_mliDummy for date of a completion point achieved by Mali under enhanced HIPCcomp_e_mozDummy for date of a completion point achieved by Mozambique under enhanced HIPCcomp_e_mrtDummy for date of a completion point achieved by Mauritania under enhanced HIPCcomp_e_mwiDummy for date of a completion point achieved by Malawi under enhanced HIPCcomp_e_nerDummy for date of a completion point achieved by Niger under enhanced HIPCcomp_e_rwaDummy for date of a completion point achieved by Rwanda under enhanced HIPCcomp_e_senDummy for date of a completion point achieved by Senegal under enhanced HIPCcomp_e_sleDummy for date of a completion point achieved by Sierra Leone under enhanced HIPcomp_e_stpDummy for date of a completion point achieved by Sao Tome and Principe under enhcomp_e_tzaDummy for date of a completion point achieved by Tanzania under enhanced HIPCcomp_e_ugaDummy for date of a completion point achieved by Uganda under enhanced HIPCcomp_e_zmbDummy for date of a completion point achieved by Zambia under enhanced HIPCprodsa_e_ethDummy for date of a post DSA implemented for Ethiopia under enhanced HIPCprodsa_e_mliDummy for date of a post DSA implemented for Mali under enhanced HIPCprodsa_e_ugaDummy for date of a post DSA implemented for Uganda under enhanced HIPChipc1Dummy for date when HIPC Initiative was endorsedhipc2Dummy for date when enhanced HIPC Initiative was approvedmdriDummy for date when MDRI was proposed and became effective

Data_Event_Study_final_thin0_est180_evt30_control1_ind1_compevent.dta

date			Numeric date id of date variable
ticker		Ticker code of a parent company
R			Holding period return (Bloomberg, author�s calculation from price data)
Rd			Dividend-adjusted return (Bloomberg, author�s calculation from price and dividend data)
estimation_window	Dummy for days included in the event window (equivalent to - 180 calendar days)
event_window	Dummy for days included in the event window (equivalent to +/- 30 calendar days)
event_time		Position of the date in event time: event day = 0
panel_id		group(ticker EffectiveEventNumber)
eventyear		Year where the event under analysis takes place
AbnormalReturns	Abnormal returns = Returns minus predicted (expected) returns (constructed by program)
AbnormalReturnsd	Abnormal returns = (dividend adjusted) Returns minus predicted (expected) return (constructed by program)



Data_Event_Study_final_thin0_est180_evt30_control1_ind1_decevent.dta

Same as above



Data_Event_Study_final_thin0_est180_evt30_control1_ind1_majorinitiative1summit.dta
Same as above


data_event_study_before_estimation_T_180_30_thin1_majorinitiative1summit.dta

date            Numeric date id of date variable
ticker          Ticker code of a parent company
year            Year
R_group         Holding period return (day to day) of industry group to which firm belongs (Bloomberg / Author�s calculations from price data)
day             Day of the week
event_window    Dummy for days included in the event window (equivalent to +/- 30 calendar days)
corporate_action Type of company's action (Bloomberg)
event_time      Position of the date in event time: event day = 0
Rtt             Returns adjusted for thin trading (Bloomberg/ author�s calculations from price data)
Rmtt            Market returns adjusted for thin trading (Bloomberg/ author�s calculations from price data)
event_trading_time Event time adjusted for whether there is trading in a given day (Bloomberg / Author�s calculations)
panel_id       group(ticker EffectiveEventNumber)



data_event_study_before_estimation_T_180_30_thin0_majorinitiative1summit.dta

date            Numeric date id of date variable
ticker          Ticker code of a parent company
R               Holding period return (Bloomberg/ Author�s calculation)
Rm              Market holding period return (Bloomberg / Author�s calculations)
year            Year
R_group         Holding period return (day to day) of industry group to which firm belongs
day             Day of the week
event_window    Dummy for days included in the event window (equivalent to +/- 30 calendar days)
corporate_action Type of company's action (Bloomberg)
event_time      Position of the date in event time: event day = 0
event_trading_time Event time adjusted for whether there is trading in a given day (Bloomberg/ Author�s calculation)
panel_id        group(ticker EffectiveEventNumber)



data_event_study_before_estimation_T_180_30_thin0_majorinitiative2alt.dta

Same as above



data_event_study_before_estimation_T_180_30_thin0_decevent.dta

Same as above



data_event_study_before_estimation_T_180_30_thin0_compevent.dta

Same as above



CONSTRUCTING THE DATABASES LISTED ABOVE

With a few exceptions, the variables contained in the databases listed above do not come directly from other sources but are generated from raw data sources by other programs that are part of the project, or were compiled directly from written sources by the author. The description that follows describes how the main variables were produced. All the programs (do files) are included as part of this documentation. The 
processed databases produced by these programs and that contain the variables in the main database are also included. Notice that these intermediate databases may also contain some additional variables that were later not used in the paper. When possible, the databases used as input for these programs are also included, but many of the raw 
databases used, such as Worldscope, Factiva, and Bloomberg, are proprietary and their contents cannot be distributed as part of the documentation of this paper. The following list contains information on how to access these proprietary databases:

*	Worldscope is a product of Thompson Reuters and purchase information can be obtained in their website at http://thomsonreuters.com/products_services/financial/financial_products/a-z/worldscope_fundamentals/
*	The version used in this paper is the one corresponding to the 2006 version of the 
Worldscope CD. Newer versions may differ in coverage.
*	Bloomberg is a proprietary data streaming service provided by Bloomberg LP as part of its professional service. We accessed these data through a Bloomberg Terminal. For information on how to purchase access to Bloomberg Professional service contact a sales representative following the directions provided in Bloomberg�s website at www.bloomberg.com  
*	Who owns Whom refers to the publication �Mc Gregor�s Who Owns Whom in South Africa�, which is a company directory published by McGregor Publishers. We used the 2006 edition. For information on accessing these directories and other data produced by �who owns whom� visit http://www.whoownswhom.co.za

*	World Investment Directory and Major Companies South of the Sahara are regular publications listed in the references of the paper. They can be accessed through local libraries.

* Factiva/Newsplus: Is a service provided by DowJones that, among many features, allows searching for terms inside news from world�s top media outlets. For information on accessing this database go to http://www.dowjones.com/factiva/features.asp 


The files included in the Compressed folder �Creation of files� contain the underlying databases and programs used to create the databases listed here. 

There are three types of variables that are used to build the main databases used in the estimation. 
1) Stock market data: Share price information for each of the parent companies with subsidiaries in HIPC related countries. We used closing day prices. We also collected data on dividend payments to compute dividend adjusted returns, data on trading volume to determine if there was trading activity in a given day to correct for thin trading. Finally, we collected data on corporate actions. Data on these variables were obtained directly from Bloomberg for 1995-2006, or the subset of the period where the firm was traded.
2) Balance sheet and employment data: We collected data on assets, sales, and employment for each parent company from Bloomberg, Worldscope, Major Companies SS, and WID. The first two sources are the main ones, using the last two in very few cases. We mainly used employment data to compute relative sizes of subsidiaries. For subsidiaries we collected the data on employment and holdings from WOW and questionaries sent to companies.
3) Data on dates of investment dates and HIPC events: Data on dates of initial investment of a parent company in a subsidiary in a given African country comes mainly from WoW, but was complemented and checked with questionaries and by looking at press reports and annual reports of firms. Combining these data with data on HIPC events in different countries we determine the parent companies that were affected by a given HIPC event. 

Several programs take raw data along these three dimensions to create intermediate databases that are used to construct the datasets that are directly used in the estimation and reported above. 
Create_Financial_Data_ZAF_Parents.do: takes the datasets Data_ZAF.dta, Size&group.dta, Return_Size_with_Index.dta, and Return_with_Index.dta and creates the database Financial_Data_ZAF_Parents.dta that contains stock market data and computed returns for all JSE listed South African companies that have subsidiaries in other African countries according to WoW, as well as returns for the different groups of companies covered in the JSE (e.g. utilities) and the whole All Share JSE.

* Create_Events_Dates_ZAF_Parents.do: This program also starts from Data_ZAF.dta but construct indicators of whether a parent company is present in a given HIPC related country at a given time and also indicators of when various HIPC related countries were affected by various types of HIPC events. These two types of events are used to build summary statistics of whether a given parent company was exposed to various types of HIPC events at a given date, which are all included in the database Event_date_ZAF_Parents.dta

The resulting 2 datasets, plus the ancillary dataset Corporate_Actions_Unique that includes dummies for whether a parent company undertake any of various types of corporate actions at a given time are used by two master programs that create the datasets used in the estimation:

* Create_Data_Regression.do: Uses the 3 datasets just mentioned to create a dataset that includes the variables listed above for the dataset data_event_study_before_estimation_T_180_30_thin0_majorinitiative1summit.dta (see description above)
This dataset contains data on company returns, stock market returns, group returns, and corporate actions for all parent companies exposed to a given type of HIPC event during a window of a given number of estimation dates previous to the event and a window of a given number of days around the event date. The details of the HIPC event to consider, the length of the windows, the inclusion of corporate events, or creation of thin traded returns have to be given as macros (flags) to the program. The values entered determine the name of the file. For instance, in the file described above, 180 is the number of calendar days before the event included as estimation window, 30 is the number of calendar days before and after the event included as event window, thin0 indicates that event dates are equal to active calendar days (excluding days JSE is closed) but that do not correct for whether an individual stock is traded each of those dates. Finally, majorinitiative1summit indicates the event considered: major initiatives considering the day of the summit as day of the event.

* CreateData_Portfolio_estimateAR.do: This program does something similar to the one above, but while the code above prepare files to be used with the regression approach to event study, this one creates files to be used with the portfolio approach to event study (i.e. using only time variation for inference), which is also the approach used in non-parametric tests. The program, therefore, computes expected and abnormal returns and produces files with the structure described above for the file Data_Event_Study_final_thin0_est180_evt30_control1_ind1_compevent.dta
The structure of the name of the file is similar to the one described for the Create_Data_Regression.do program described in the previous paragraph. The only difference is that the control1 and in1 refer to the inclusion of the corporate events and industry returns in the calculation of the abnormal returns. This is standard too in the regression based analysis, but since the program described above do not compute abnormal returns but prepare the data to that end, it does not include these flags directly in the name.

* Finally, the program Compute_total_employment creates the database Subsidiaries_employment_adjusted_holdings.dta described above using Data_ZAF.dta as initial data.

Datasets in this folder correspond to the raw data used in the project. The main one is Data_ZAF. The structure of this file is as follows.

==================================================================

Data_ZAF.dta

date	Date
Date	Numeric date id of date variable
ticker	Ticker code of a parent company
p_close	Closing price (Bloomberg)
pd_close	Closing price + Dividend (Bloomberg)
dividend	Adjusted cash dividend (Bloomberg)
div_noncash1	Non-cash dividend1 (Bloomberg)
div_noncash2	Non-cash dividend2 (Bloomberg)
type1	Type of cash dividend1 (Bloomberg)
type2	Type of cash dividend2 (Bloomberg)
type_noncash1	Type of non-cash dividend1 (Bloomberg)
type_noncash2	Type of non-cash dividend2 (Bloomberg)
pm_close	Market index of closing price (Bloomberg)
capimpute	Imputed market capitalization (Bloomberg) 
turnover	Equity turnover (Bloomberg)
volume	Volume traded (Bloomberg)
vwap	Volume Weighted Average Price (Bloomberg)
active	Dummy if the company is active in the market
open	Dummy if the JSE market is open
inv_nohipc	Dummy if company invests only in non-HIPC countries
Dinv_ago	Dummy if a parent company invests in Angola at each point in time
Dinv_bdi	Dummy if a parent company invests in Burundi at each point in time
Dinv_ben	Dummy if a parent company invests in Benin at each point in time
Dinv_bfa	Dummy if a parent company invests in Burkina Faso at each point in time
Dinv_caf	Dummy if a parent company invests in Central African Republic at each point in t
Dinv_civ	Dummy if a parent company invests in Cote D'Ivoire at each point in time
Dinv_cmr	Dummy if a parent company invests in Cameroon at each point in time
Dinv_cog	Dummy if a parent company invests in Congo Rep at each point in time
Dinv_com	Dummy if a parent company invests in Comoros at each point in time
Dinv_eri	Dummy if a parent company invests in Eritrea at each point in time
Dinv_eth	Dummy if a parent company invests in Ethiopia at each point in time
Dinv_gha	Dummy if a parent company invests in Ghana at each point in time
Dinv_gin	Dummy if a parent company invests in Guinea at each point in time
Dinv_gmb	Dummy if a parent company invests in Gambia at each point in time
Dinv_gnb	Dummy if a parent company invests in Guinea-Bissau at each point in time
Dinv_gnq	Dummy if a parent company invests in Equatorial Guinea at each point in time
Dinv_ken	Dummy if a parent company invests in Kenya at each point in time
Dinv_lbr	Dummy if a parent company invests in Liberia at each point in time
Dinv_mdg	Dummy if a parent company invests in Madagascar at each point in time
Dinv_mli	Dummy if a parent company invests in Mali at each point in time
Dinv_moz	Dummy if a parent company invests in Mozambique at each point in time
Dinv_mrt	Dummy if a parent company invests in Mauritania at each point in time
Dinv_mwi	Dummy if a parent company invests in Malawi at each point in time
Dinv_ner	Dummy if a parent company invests in Niger at each point in time
Dinv_rwa	Dummy if a parent company invests in Rwanda at each point in time
Dinv_sdn	Dummy if a parent company invests in Sudan at each point in time
Dinv_sen	Dummy if a parent company invests in Senegal at each point in time
Dinv_sle	Dummy if a parent company invests in Sierra Leone at each point in time
Dinv_som	Dummy if a parent company invests in Somalia at each point in time
Dinv_stp	Dummy if a parent company invests in Sao Tome and Principe at each point in time
Dinv_tcd	Dummy if a parent company invests in Chad at each point in time
Dinv_tgo	Dummy if a parent company invests in Togo at each point in time
Dinv_tza	Dummy if a parent company invests in Tanzania at each point in time
Dinv_uga	Dummy if a parent company invests in Uganda at each point in time
Dinv_zar	Dummy if a parent company invests in Congo DR at each point in time
Dinv_zmb	Dummy if a parent company invests in Zambia at each point in time
intense_ago	Measure of the intensity of parent's exposure to Angola at each point in time
intense_bdi	Measure of the intensity of parent's exposure to Burundi at each point in time
intense_ben	Measure of the intensity of parent's exposure to Benin at each point in time
intense_bfa	Measure of the intensity of parent's exposure to Burkina Faso at each point in t
intense_caf	Measure of the intensity of parent's exposure to Central African Republic at eac
intense_civ	Measure of the intensity of parent's exposure to Cote D'Ivoire at each point in
intense_cmr	Measure of the intensity of parent's exposure to Cameroon at each point in time
intense_cog	Measure of the intensity of parent's exposure to Congo Rep at each point in time
intense_com	Measure of the intensity of parent's exposure to Comoros at each point in time
intense_eri	Measure of the intensity of parent's exposure to Eritrea at each point in time
intense_eth	Measure of the intensity of parent's exposure to Ethiopia at each point in time
intense_gha	Measure of the intensity of parent's exposure to Ghana at each point in time
intense_gin	Measure of the intensity of parent's exposure to Guinea at each point in time
intense_gmb	Measure of the intensity of parent's exposure to Gambia at each point in time
intense_gnb	Measure of the intensity of parent's exposure to Guinea-Bissau at each point in
intense_gnq	Measure of the intensity of parent's exposure to Equatorial Guinea at each point
intense_ken	Measure of the intensity of parent's exposure to Kenya at each point in time
intense_lbr	Measure of the intensity of parent's exposure to Liberia at each point in time
intense_mdg	Measure of the intensity of parent's exposure to Madagascar at each point in tim
intense_mli	Measure of the intensity of parent's exposure to Mali at each point in time
intense_moz	Measure of the intensity of parent's exposure to Mozambique at each point in tim
intense_mrt	Measure of the intensity of parent's exposure to Mauritania at each point in tim
intense_mwi	Measure of the intensity of parent's exposure to Malawi at each point in time
intense_ner	Measure of the intensity of parent's exposure to Niger at each point in time
intense_rwa	Measure of the intensity of parent's exposure to Rwanda at each point in time
intense_sdn	Measure of the intensity of parent's exposure to Sudan at each point in time
intense_sen	Measure of the intensity of parent's exposure to Senegal at each point in time
intense_sle	Measure of the intensity of parent's exposure to Sierra Leone at each point in t
intense_som	Measure of the intensity of parent's exposure to Somalia at each point in time
intense_stp	Measure of the intensity of parent's exposure to Sao Tome and Principe at each p
intense_tcd	Measure of the intensity of parent's exposure to Chad at each point in time
intense_tgo	Measure of the intensity of parent's exposure to Togo at each point in time
intense_tza	Measure of the intensity of parent's exposure to Tanzania at each point in time
intense_uga	Measure of the intensity of parent's exposure to Uganda at each point in time
intense_zar	Measure of the intensity of parent's exposure to Congo DR at each point in time
intense_zmb	Measure of the intensity of parent's exposure to Zambia at each point in time
dsa_ben	Dummy for date of initial DSA implemented for Benin under HIPC
dsa_e_ben	Dummy for date of initial DSA implemented for Benin under enhanced HIPC
dsa_e_gin	Dummy for date of initial DSA implemented for Guinea under enhanced HIPC
dsa_e_ken	Dummy for date of initial DSA implemented for Kenya under enhanced HIPC
dsa_e_mdg	Dummy for date of initial DSA implemented for Madagascar under enhanced HIPC
dsa_e_mwi	Dummy for date of initial DSA implemented for Malawi under enhanced HIPC
dsa_moz	Dummy for date of initial DSA implemented for Mozambique under HIPC
dsa_e_stp	Dummy for date of initial DSA implemented for Sao Tome and Principe under enhanc
dsa_e_sen	Dummy for date of initial DSA implemented for Senegal under enhanced HIPC
dsa_e_sle	Dummy for date of initial DSA implemented for Sierra Leone under enhanced HIPC
dsa_e_tza	Dummy for date of initial DSA implemented for Tanzania under enhanced HIPC
dsa_e_zmb	Dummy for date of initial DSA implemented for Zambia under enhanced HIPC
pre_bfa	Dummy for date of a preliminary document issued for Burkina Faso under HIPC
pre_e_bfa	Dummy for date of a preliminary document issued for Burkina Faso under enhanced
pre_e_cmr	Dummy for date of a preliminary document issued for Cameroon under enhanced HIPC
pre_e_tcd	Dummy for date of a preliminary document issued for Chad under enhanced HIPC
pre_e_zar	Dummy for date of a preliminary document issued for Congo DR under enhanced HIPC
pre_e_cog	Dummy for date of a preliminary document issued for Congo Rep under enhanced HIP
pre_civ	Dummy for date of a preliminary document issued for Cote D'Ivoire under HIPC
pre_e_civ	Dummy for date of a preliminary document issued for Cote D'Ivoire under enhanced
pre_eth	Dummy for date of a preliminary document issued for Ethiopia under HIPC
pre_e_eth	Dummy for date of a preliminary document issued for Ethiopia under enhanced HIPC
pre_e_gmb	Dummy for date of a preliminary document issued for Gambia under enhanced HIPC
pre_e_gha	Dummy for date of a preliminary document issued for Ghana under enhanced HIPC
pre_e_gin	Dummy for date of a preliminary document issued for Guinea under enhanced HIPC
pre_e_gnb	Dummy for date of a preliminary document issued for Guinea-Bissau under enhanced
pre_e_mdg	Dummy for date of a preliminary document issued for Madagascar under enhanced HI
pre_e_mwi	Dummy for date of a preliminary document issued for Malawi under enhanced HIPC
pre_e_mrt	Dummy for date of a preliminary document issued for Mauritania under enhanced HI
pre_moz	Dummy for date of a preliminary document issued for Mozambique under HIPC
pre_e_ner	Dummy for date of a preliminary document issued for Niger under enhanced HIPC
pre_e_rwa	Dummy for date of a preliminary document issued for Rwanda under enhanced HIPC
pre_e_stp	Dummy for date of a preliminary document issued for Sao Tome and Principe under
pre_e_sle	Dummy for date of a preliminary document issued for Sierra Leone under enhanced
pre_e_tza	Dummy for date of a preliminary document issued for Tanzania under enhanced HIPC
pre_uga	Dummy for date of a preliminary document issued for Uganda under HIPC
pre_e_uga	Dummy for date of a preliminary document issued for Uganda under enhanced HIPC
pre_e_zmb	Dummy for date of a preliminary document issued for Zambia under enhanced HIPC
exec_bfa	Dummy for date of an executive meeting held for Burkina Faso under HIPC
exec_e_bdi	Dummy for date of an executive meeting held for Burundi under enhanced HIPC
exec_e_cmr	Dummy for date of an executive meeting held for Cameroon under enhanced HIPC
exec_e_tcd	Dummy for date of an executive meeting held for Chad under enhanced HIPC
exec_e_zar	Dummy for date of an executive meeting held for Congo DR under enhanced HIPC
exec_e_cog	Dummy for date of an executive meeting held for Congo Rep under enhanced HIPC
exec_civ	Dummy for date of an executive meeting held for Cote D'Ivoire under HIPC
exec_eth	Dummy for date of an executive meeting held for Ethiopia under HIPC
exec_e_eth	Dummy for date of an executive meeting held for Ethiopia under enhanced HIPC
exec_e_gmb	Dummy for date of an executive meeting held for Gambia under enhanced HIPC
exec_e_gha	Dummy for date of an executive meeting held for Ghana under enhanced HIPC
exec_e_gin	Dummy for date of an executive meeting held for Guinea under enhanced HIPC
exec_e_gnb	Dummy for date of an executive meeting held for Guinea-Bissau under enhanced HIP
exec_e_mdg	Dummy for date of an executive meeting held for Madagascar under enhanced HIPC
exec_mli	Dummy for date of an executive meeting held for Mali under HIPC
exec_e_mrt	Dummy for date of an executive meeting held for Mauritania under enhanced HIPC
exec_moz	Dummy for date of an executive meeting held for Mozambique under HIPC
exec_e_ner	Dummy for date of an executive meeting held for Niger under enhanced HIPC
exec_e_rwa	Dummy for date of an executive meeting held for Rwanda under enhanced HIPC
exec_e_stp	Dummy for date of an executive meeting held for Sao Tome and Principe under enha
exec_e_sle	Dummy for date of an executive meeting held for Sierra Leone under enhanced HIPC
exec_e_tza	Dummy for date of an executive meeting held for Tanzania under enhanced HIPC
exec_uga	Dummy for date of an executive meeting held for Uganda under HIPC
exec_e_zmb	Dummy for date of an executive meeting held for Zambia under enhanced HIPC
dec_e_ben	Dummy for date of a decision point achieved by Benin under enhanced HIPC
dec_bfa	Dummy for date of a decision point achieved by Burkina Faso under HIPC
dec_e_bfa	Dummy for date of a decision point achieved by Burkina Faso under enhanced HIPC
dec_e_bdi	Dummy for date of a decision point achieved by Burundi under enhanced HIPC
dec_e_cmr	Dummy for date of a decision point achieved by Cameroon under enhanced HIPC
dec_e_tcd	Dummy for date of a decision point achieved by Chad under enhanced HIPC
dec_e_zar	Dummy for date of a decision point achieved by Congo DR under enhanced HIPC
dec_e_cog	Dummy for date of a decision point achieved by Congo Rep under enhanced HIPC
dec_civ	Dummy for date of a decision point achieved by Cote D'Ivoire under HIP
dec_e_eth	Dummy for date of a decision point achieved by Ethiopia under enhanced HIPC
dec_e_gmb	Dummy for date of a decision point achieved by Gambia under enhanced HIPC
dec_e_gha	Dummy for date of a decision point achieved by Ghana under enhanced HIPC
dec_e_gin	Dummy for date of a decision point achieved by Guinea under enhanced HIPC
dec_e_gnb	Dummy for date of a decision point achieved by Guinea-Bissau under enhanced HIPC
dec_e_mdg	Dummy for date of a decision point achieved by Madagascar under enhanced HIPC
dec_e_mwi	Dummy for date of a decision point achieved by Malawi under enhanced HIPC
dec_mli	Dummy for date of a decision point achieved by Mali under HIPC
dec_e_mli	Dummy for date of a decision point achieved by Mali under enhanced HIPC
dec_e_mrt	Dummy for date of a decision point achieved by Mauritania under enhanced HIPC
dec_moz	Dummy for date of a decision point achieved by Mozambique under HIP
dec_e_moz	Dummy for date of a decision point achieved by Mozambique under enhanced HIPC
dec_e_ner	Dummy for date of a decision point achieved by Niger under enhanced HIPC
dec_e_rwa	Dummy for date of a decision point achieved by Rwanda under enhanced HIPC
dec_e_stp	Dummy for date of a decision point achieved by Sao Tome and Principe under enhan
dec_e_sen	Dummy for date of a decision point achieved by Senegal under enhanced HIPC
dec_e_sle	Dummy for date of a decision point achieved by Sierra Leone under enhanced HIPC
dec_e_tza	Dummy for date of a decision point achieved by Tanzania under enhanced HIPC
dec_uga	Dummy for date of a decision point achieved by Uganda under HIPC
dec_e_uga	Dummy for date of a decision point achieved by Uganda under enhanced HIPC
dec_e_zmb	Dummy for date of a decision point achieved by Zambia under enhanced HIPC
comp_e_ben	Dummy for date of a completion point achieved by Benin under enhanced HIPC
comp_bfa	Dummy for date of a completion point achieved by Burkina Faso under HIPC
comp_e_bfa	Dummy for date of a completion point achieved by Burkina Faso under enhanced HIP
comp_e_cmr	Dummy for date of a completion point achieved by Cameroon under enhanced HIPC
comp_e_eth	Dummy for date of a completion point achieved by Ethiopia under enhanced HIPC
comp_e_gha	Dummy for date of a completion point achieved by Ghana under enhanced HIPC
comp_e_mdg	Dummy for date of a completion point achieved by Madagascar under enhanced HIPC
comp_e_mwi	Dummy for date of a completion point achieved by Malawi under enhanced HIPC
comp_mli	Dummy for date of a completion point achieved by Mali under HIPC
comp_e_mli	Dummy for date of a completion point achieved by Mali under enhanced HIPC
comp_e_mrt	Dummy for date of a completion point achieved by Mauritania under enhanced HIPC
comp_moz	Dummy for date of a completion point achieved by Mozambique under HIPC
comp_e_moz	Dummy for date of a completion point achieved by Mozambique under enhanced HIPC
comp_e_ner	Dummy for date of a completion point achieved by Niger under enhanced HIPC
comp_e_rwa	Dummy for date of a completion point achieved by Rwanda under enhanced HIPC
comp_e_stp	Dummy for date of a completion point achieved by Sao Tome and Principe under enh
comp_e_sen	Dummy for date of a completion point achieved by Senegal under enhanced HIPC
comp_e_sle	Dummy for date of a completion point achieved by Sierra Leone under enhanced HIP
comp_e_tza	Dummy for date of a completion point achieved by Tanzania under enhanced HIPC
comp_uga	Dummy for date of a completion point achieved by Uganda under HIPC
comp_e_uga	Dummy for date of a completion point achieved by Uganda under enhanced HIPC
comp_e_zmb	Dummy for date of a completion point achieved by Zambia under enhanced HIPC
prorep_e_cog	Dummy for date of a progress report issued for Congo Rep under enhanced HIPC
prodsa_e_eth	Dummy for date of a post DSA implemented for Ethiopia under enhanced HIPC
prodsa_e_mli	Dummy for date of a post DSA implemented for Mali under enhanced HIPC
prodsa_e_uga	Dummy for date of a post DSA implemented for Uganda under enhanced HIPC
hipc1	Dummy for date when HIPC Initiative was agreed at G7 financial meeting
hipc2	Dummy for date when HIPC Initiative was approved by IMF and WB
ehipc1	Dummy for date when Enhanced HIPC Initiative was agreed at G7 financial meeting
ehipc1s	Dummy for date when Enhanced HIPC Initiative was agreed at G8 summit
ehipc2	Dummy for date when Enhanced HIPC Initiative was approved by IMF and WB
mdri0	Dummy for date when G7 nations showed willingness to consider MDRI
mdri1	Dummy for date when MDRI was agreed at G7 financial meeting
mdri1s	Dummy for date when the MDRI concept was reaffirmed at the G8 summit
mdri2	Dummy for date when MDRI was approved by IMF and WB
mdri2alt	Dummy for date of the IMF and WB annual September meeting
employ_ago	Total employment of parent in Angola at each point in time
employ_cmr	Total employment of parent in Cameroon at each point in time
employ_zar	Total employment of parent in Congo DR at each point in time
employ_cog	Total employment of parent in Congo Rep at each point in time
employ_civ	Total employment of parent in Cote D'Ivoire at each point in time
employ_gnq	Total employment of parent in Equatorial Guinea at each point in time
employ_eth	Total employment of parent in Ethiopia at each point in time
employ_gha	Total employment of parent in Ghana at each point in time
employ_gin	Total employment of parent in Guinea at each point in time
employ_ken	Total employment of parent in Kenya at each point in time
employ_mdg	Total employment of parent in Madagascar at each point in time
employ_mwi	Total employment of parent in Malawi at each point in time
employ_mli	Total employment of parent in Mali at each point in time
employ_moz	Total employment of parent in Mozambique at each point in time
employ_rwa	Total employment of parent in Rwanda at each point in time
employ_tza	Total employment of parent in Tanzania at each point in time
employ_uga	Total employment of parent in Uganda at each point in time
employ_zmb	Total employment of parent in Zambia at each point in time
employ_ben	Total employment of parent in Benin at each point in time
employ_bfa	Total employment of parent in Burkina Faso at each point in time
employ_bdi	Total employment of parent in Burundi at each point in time
employ_caf	Total employment of parent in Central African Republic at each point in time
employ_tcd	Total employment of parent in Chad at each point in time
employ_com	Total employment of parent in Comoros at each point in time
employ_eri	Total employment of parent in Eritrea at each point in time
employ_gmb	Total employment of parent in Gambia at each point in time
employ_gnb	Total employment of parent in Guinea-Bissau at each point in time
employ_lbr	Total employment of parent in Liberia at each point in time
employ_mrt	Total employment of parent in Mauritania at each point in time
employ_ner	Total employment of parent in Niger at each point in time
employ_stp	Total employment of parent in Sao Tome and Principe at each point in time
employ_sen	Total employment of parent in Senegal at each point in time
employ_sle	Total employment of parent in Sierra Leone at each point in time
employ_som	Total employment of parent in Somalia at each point in time
employ_sdn	Total employment of parent in Sudan at each point in time
employ_tgo	Total employment of parent in Togo at each point in time 


A few raw data sources that are also included are

==================================================================

size&group.dta

year            Year
Date            Date in string format
date            Date in numeric format         
ticker          Ticker code of a parent company
size            Size of company (Assigned according to whether it belongs to a JSE size group)
group           Economic group of company (Assigned according to whether it belongs to a JSE industry group)

==================================================================

return_group_with_index.dta

date            Numeric date id of date variable
group           Industry group
p_group         Price index of industry group to which firm belongs (JSE through datastream)
open            Dummy if the JSE market is open
R_group         Holding period return (day to day) of industry group to which firm belongs

==================================================================

return_size_with_index.dta

date           Numeric date id of date variable
size           Size group (JSE)
p_size         Price index of companies in each size group (JSE)
open           Dummy if the JSE market is open
R_size         Holding period return according to price index

